FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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LIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number of Units Date Transaction Apr. 3 Inventory 8 Purchase 11 Sale. 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase. 28 Sale 66 132 88 55 110 66 33 110 66 88 198 99 Per Unit $225 270 750 750 300 750 750 330 790 790 360 790 Total $14,850 35,640 66,000 41,250 33,000 49,500 24,750 36,300 52,140 69,520 71,280 78,210 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illu different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 3
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Transcribed Image Text:LIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number of Units Date Transaction Apr. 3 Inventory 8 Purchase 11 Sale. 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase. 28 Sale 66 132 88 55 110 66 33 110 66 88 198 99 Per Unit $225 270 750 750 300 750 750 330 790 790 360 790 Total $14,850 35,640 66,000 41,250 33,000 49,500 24,750 36,300 52,140 69,520 71,280 78,210 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illu different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 3
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